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Canyon Copper Enters into Option Agreement to Acquire Bootleg Lake Gold Property
Bootleg Lake project hosts three past producing Gold Mines All three past producing mines h...
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[{"type":"text","content":"Canyon Copper Enters into Option Agreement to Acquire Bootleg Lake Gold PropertyBootleg Lake project hosts three past producing Gold Mines All three past producing mines have historic estimates Bootleg Rio deposit with historical estimate of 183,871 tons @ 0.35 oz/tExcellent infrastructure approximately 5 kilometres from Flin FlonVancouver, British Columbia--(Newsfile Corp. - May 11, 2017) - Canyon Copper Corp. (TSXV: CNC) (\"Canyon\") is pleased to announce that it has entered into an option agreement (\"Option Agreement\") with New Moon Minerals Corp. a private company, to earn up to a 75% interest in the Bootleg Lake Gold Property (the \"Property\" or \"Bootleg Lake\") located near Creighton, Saskatchewan, Canada, five kilometres southwest of the city of Flin Flon, Manitoba. The Property consists of 4 contiguous claims totalling 867 hectares hosting three past producing gold mines, the Bootleg/Rio Mine, the Henning Maloney Mine and the Newcor Gold Mine. All three of these deposits have historical estimates calculated by Vista Mine Inc. in the mid 1980's. (See table below.) In addition to the known deposits there are a number of additional gold and copper occurrences on the claims including possibly mineralized tailings from previous production at the Bootleg/Rio mine. Stephen Wallace, President and CEO of Canyon stated, \"With multiple high grade gold targets including historical estimates and within minutes' drive of the mining centre of Flin Flon, Manitoba, Bootleg Lake represents a high quality prospect with low cost exploration.\"Historical Estimates of Bootleg Lake depositsDepositCategoryTonsTonnesOz/tonGrams/tonnereportedcalculatedreportedcalculatedBootleg (Rio) Reserves183,871166,8000.3512.0Henning Maloney Proven15,00013,6000.4515.4Possible43,00039,0000.16 to 0.325.5 to 11.0Newcor Proven42,50038,6000.3110.6Probable156,000141,5000.3110.61) All historical estimates above were prepared by Vista Mines Inc, in 1983 through 1987.2) Note the historical estimate used the terms historical reserves, historical proven and possible reserves and historical proven and probable reserves were prepared before the introduction of National Instrument 43-101-Standards of Disclosure for Mineral Projects These historical estimates are considered relevant as the Company uses historical reports to evaluate historic mines as a guide to plan fu...